Pantheon Resources PLC
16 November 2006
November 16, 2006
PANTHEON RESOURCES PLC
Drilling Update On Padre Island
• The Kindee ST 212 #1 well on the Plum Deep structure has reached its
target depth of 16,392 ft (measured depth).
• Electric logs are in the process of being run. A testing program will be
formulated following the evaluation of the electric logs.
• The next well in the Padre Island Joint Venture will commence once the rig
is released from the well.
• The Plum Deep structure is considered to be a world class exploration
prospect. Gross best estimate potential reserves (previously described as
'P50 potential reserves') have been assessed in a 161-293 billion cubic feet
('bcf') range.
• Pantheon is paying 33.33% of the well costs to earn a 25% working
interest.
In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc who has over 30 years relevant
experience within the sector.
Contacts:
Pantheon Resources Plc
Sue Graham, Chairman +44 20 7379 0118
Oriel Securities Limited
Scott Richardson Brown +44 20 7710 7600
This information is provided by RNS
The company news service from the London Stock Exchange